TORONTO, June 25, 2018 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (Galantas or the company) (TSXV:GAL) (AIM:GAL) is pleased to report that an underground development at the Omagh gold-mine, Northern Ireland, has reached the main Kearney gold vein.
The main decline tunnel descends at a slope of 1 in 7, from near the base of the former Kearney open pit. A horizontal west to east access tunnel driven from the decline tunnel has intersected the north / south Kearney vein at approximately a right angle and has exposed the vein to be approximately 2.8 metres wide. Channel samples are being taken to confirm the grade of mineralisation. An exploration borehole within 20 metres of the vein intersection returned grades of 22.53 g/t gold on a true width of 2.4 metres (Borehole data disclosure 1st May 2007).
The vein intersection is located some 15 metres below the base of the Kearney open-pit. A horizontal development tunnel is planned to be driven on vein, at this level, in both directions, beneath a safety (Crown) pillar. It is anticipated that this will provide limited feed to the mill early in the third quarter (July-September) 2018.
The decline tunnel is planned to be extended in depth, along with construction of a second means of egress (safety escapeway). The decline is planned to provide access to lower levels and permit stoping, (the extraction of a vertical slice of vein) between the first two horizontal levels, late in 2018 or early in 2019. Stoping operations are expected to provide an enhanced supply of mill feed.
Environmental monitoring continues to demonstrate compliance with the standards imposed by the regulatory authorities. Safety is a high priority and the zero lost time accident rate, since the start of underground operations, continues.
A new 4t capacity load-haul-dump unit, has been ordered from Epiroc (formerly Atlas Copco) on a rental purchase basis. This is expected to improve productivity in loading operations from the smaller cross-section vein drives. It is equipped with radio remote control which enhances safety in stope mucking operations. Delivery is expected in September 2018. Further equipment purchases are in negotiation.
Roland Phelps, President & CEO, Galantas Gold Corporation said, “I am delighted that we have reached this important milestone. The team has overcome many obstacles to achieve this outcome and the success is due to their professionalism, enthusiasm and focused hard work. On behalf of shareholders and directors, I thank them for their excellent efforts and look forward to continued future success.”
The information in this release has been prepared under the supervision of R. Phelps C.Eng MIMMM, (President & CEO, Galantas Gold Corporation), the Qualified Person (QP) for the program under NI 43-101 and who is also a "Qualified Person" as defined in the Note for Mining Oil & Gas Companies, June 2009, of the London Stock Exchange. Mr. Phelps has reviewed the technical detail contained in this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Enquiries : Galantas Gold Corporation
L. Jack Gunter P.Eng – Chairman, Roland Phelps C.Eng – President & CEO
Email: info@galantas.com Telephone: (UK) +44 (0) 2882 241100
Website: www.galantas.com
Grant Thornton UK LLP (AIM Nominated Advisor)
Philip Secrett, Richard Tonthat: Telephone: +44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Nick Lovering, Grant Barker: Telephone: +44(0)20 7659 1234